Price to FCFE (P/FCFE)
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Free Cash Flow to Equity (FCFE)
AT&T Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Net cash provided by operating activities demonstrated a fluctuating pattern over the five-year period. Initial values decreased from 2021 to 2022, then exhibited recovery in subsequent years, culminating in a peak in 2025. However, the most significant fluctuations were observed in free cash flow to equity (FCFE).
- Free Cash Flow to Equity (FCFE)
- FCFE experienced substantial volatility. A significant decline occurred between 2021 and 2022, moving from a positive value of US$47,881 million to a negative value of US$20,862 million. This represents a considerable shift in cash available to equity holders. Following this decline, FCFE recovered, becoming positive in 2023 and continuing to increase through 2025, reaching US$27,941 million. The 2022 negative value suggests potential factors such as increased debt financing, significant capital expenditures, or dividend payouts exceeding operating cash flow.
The divergence between the trends in operating cash flow and FCFE indicates that factors beyond core operations significantly influence the cash available to equity holders. While operating cash flow shows a general upward trend from 2022 to 2025, the FCFE trajectory is more complex, highlighting the importance of considering financing and investment activities when assessing the company’s financial health. The substantial recovery in FCFE from 2022 to 2025 suggests successful implementation of strategies to improve cash generation for equity holders, or a change in capital allocation policies.
The large swing in FCFE warrants further investigation to understand the underlying drivers. A detailed analysis of the company’s capital structure, dividend policy, and investment decisions is necessary to fully explain these fluctuations.
Price to FCFE Ratio, Current
AT&T Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| T-Mobile US Inc. | |
| Verizon Communications Inc. | |
| P/FCFE, Sector | |
| Telecommunication Services | |
| P/FCFE, Industry | |
| Communication Services | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
AT&T Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| T-Mobile US Inc. | ||||||
| Verizon Communications Inc. | ||||||
| P/FCFE, Sector | ||||||
| Telecommunication Services | ||||||
| P/FCFE, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of AT&T Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. The share price demonstrates an initial decline followed by a recovery, while the Free Cash Flow to Equity (FCFE) per share experiences more pronounced volatility, including a negative value in 2022.
- Share Price
- The share price began at US$23.94 in 2021, decreased to US$19.26 in 2022, and continued to fall to US$16.80 in 2023. A significant increase was then observed, reaching US$25.36 in 2024, followed by a further rise to US$27.11 in 2025.
- FCFE per Share
- FCFE per share was US$6.70 in 2021. It experienced a substantial decline, resulting in a negative value of -US$2.93 in 2022. A recovery occurred in 2023, with FCFE per share reaching US$2.73. This was followed by a decrease to US$0.87 in 2024 and a subsequent increase to US$3.99 in 2025.
- P/FCFE Ratio
- In 2021, the P/FCFE ratio was 3.57. The ratio was not calculated for 2022 due to the negative FCFE per share. In 2023, the ratio increased to 6.16. A substantial increase was observed in 2024, with the P/FCFE ratio reaching 29.20. The ratio then decreased to 6.79 in 2025. The significant fluctuation in the P/FCFE ratio is largely attributable to the volatility in FCFE per share, particularly the negative value in 2022 and the subsequent recovery.
The substantial increase in the P/FCFE ratio in 2024 warrants further investigation, as it suggests a potentially overvalued stock relative to its FCFE, although this is heavily influenced by the low FCFE per share value in that year. The return to a lower ratio in 2025, alongside an increasing share price and FCFE per share, indicates a potential stabilization.